Hulk Hogan settles sex tape lawsuit with Bubba the Love Sponge

Hulk Hogan and his former best friend
Bubba the Love Sponge have settled their battle over a tape leaked earlier this month showing the wrestling legend having sex with Bubba's now-ex-wife,
Heather Clem (pictured above left with Bubba).

And though we got all the sordid dirty details on the tape itself, we probably won't be privy to the settlement between these former pals -- the
New York Daily News reports that terms of the pact are confidential.

Bubba apologized via a statement Monday (Oct. 29) that he read on his syndicated radio show, saying, "After further investigation, I am now convinced that Hulk Hogan was unaware of the presence of the recording device in my bedroom. I am convinced he had no knowledge that he was being taped. Additionally, I am certain that he had no role in the release of the video."

He continues, "It is my belief that [he] is not involved, and has not ever been involved, in trying to release the video, or exploit it, or otherwise gain from the video's release in any way."

In the statement, Bubba is singing a much different tune than he was after Hulk filed his lawsuit on Oct. 15. Hogan said at the time that he was unaware that he was being recorded when he had consensual sex with Heather -- with Bubba's blessing -- six years ago.

Bubba called his friend a "hypocritical fraud," adding, "You know I have surveillance. You knew of everything going on. But now that your feelings are hurt ... you're trying to cover your a** with your wife and your jobs and your social standing."

Bubba says now, "Regrettably, when Hulk filed the lawsuit against me, I instinctively went on the offensive. The things that I said about him and his children were not true. I was wrong and I am deeply sorry for my reaction, and for the additional pain that it caused Hulk and his children on top of the pain that they already were feeling."

But just because Hulk's legal beef with Bubba is over, that doesn't mean Gawker, the site that posted a minute of the sex tape online, is off the hook. Hulk is still pursuing his $100 million lawsuit against the website in federal court. Hogan's lawyer, David Houston, says that a case against Heather Clem is pending.